Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 20, 1918, 11:00 AM, Volume 5, Part 1

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At a repular meetinp of the Federal Reserve
Board, held in the office of the Board on Wednesday,
February 20, at 11 a. m.,
PRESENT:
Mr. Harding, presiding,

Mr. Delano,

Mr. Warburg,

Mr. Miller,

Mr, Hamlin,

Mr. Willis, Secretary.

The minutes Of the meetings of the Board held on
February 18 and on February 12, rere read and, on motion,
approved.
The minutes of the meetings of the Cold Exports
Committee, held on February 19 and 20 were presented and,
on motion, approved, and the action therein set forth
ratified.
The minutes of the joint meetings of the Federal.
Advisory Council and Federal Reserve Board, held on F0Lruary 1

and 19, were presented and, on motion, referred

to Mr. Delano.
Mr. Harding presented to the Board various documents relating- to the application of the Pompeian Oil
Company for permission to export gold to Spain.
connection Mr. Harding read a letterr ifi en

In this
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to

the Secretary of the Treasury re the whole question of

foreign cxchange,
copy to befurnishiit v..-!s v

v'ts it;prov,
each member of

for trensmil-r,
he Board., -Cin motion,

ed that the Executive Committee confer with the

Secretary of the Trensury to discuss the exchange situation.
A letter from Federal Reserve Agent iimsay re the
reserve holdings of the San Juan County National Bank of
Farmington, New Mexico, was presented and referred back
to Governor linrdinq for Rction.
A letter of Federal Reserve Agent Perrin re the
policy of the Federal Reserve Bonk of San Francisco
to abraded gold was read and noted.
A memorandum of counsel re a suggested amendment
to

he savings deposit regulations was rend and referred

to the Executive Corrunittee for early report.
A letter from Yeteral Reserve Agent Rich re the
spring wheat planting situation in the Ninth District
Wan presented and referred to the Minneapolis Committee.
Correspondence regarding the making of deposits
of joint stock land banks with Federal Reserve Banks was
presentedsnO, on motion, it vas voted that such accounts
may be opened.




A diagram showing the status of various Govern-

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, ment'bodien• including the Federal Reserve BoArdiccmpiled by lialter I. SWantOn

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prettnted.

It Wan agreed

that the Covernor Call errors in the diagram-to the attention of the Committee on Public Information.
A letter from Assistant Federal Reserve -Agent Hall,
re the loss of certificates at Dnllas, was rend and referred to the Covernor for reply.
Reports of Committee No. I were presented and approved

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follows:

Dated Febrwiry 18,fixirigthe salary of A. A. Moore
(Board's; Staff) at 41,500 per annum,
effective February 18, (ordered entered in the Board's minutes of Feb
rUnry 1EL)
19, appointing Ethel U. Knox (Division of
Yortio Exchange) at '080 per annum,
effective February 20.
20, approving an Increase in the salary of
Eank Examiner Schechter to 03600, effective February 20.
19, appointing Hiss D. A. Parke at 01080,
per anniim (Div. of Foreign Exchangeh
effective February 20.
19, cancelling the appointment . of Miss
SarahThompsen, who failed to report
for duty.
20, approving the appointment of George B.
Walker as secretary of the local Capittil Issuer Committee at Dallas, nt
$2,400, effective February 15, for the
period of the work of the Committee.
Reports of Committee No. 2 were presented and
proved ns follows:

,12-

Dated Febru-ry 19, granting power to accept up to 100%
of capital and surplus to the Peoples'
National Bank of Rock Hill and to the
Exchange National Bank of Dallas.
Dated February 20, rem/unending the admission of state
institutions to the Federal Reserve
System upon conditions named by the
Comittee in e-ch cnse, as follows:
Liberty Trust Company, Bortor, Mass.
300 shnres in the Federal Reserve Bank of Boston.
Vapello Stnte Savings Bank, Wapollo, Iowa.
23 shares in the Federal Reserve Bnnk of Chicago.
First State Birk, Cnnyon, Texas.
17 shnres in the Federal Reserve Bank of Dallas..
Security Trust t Savings Enk, Billings, Mont.
60 shares in the Federal Reserve Bank of Minneapolis.
Reports of Committee No. 3 were presented and ripproved as follows:
Dated Februnry 11, rrnnting powers an Trustee, Executor,
Administrator and Registrnr of the
First Nationnl Bank, Paris, Kentucky.
5, deferring action an to powers as
Trustee, Executor, end Adninistrator
for the Stockmen's National Bank,
Hardin, Montana.
1C;', granting powers as Trustee, Executor,
Administrator, and Registrar to Farmers'
National Bank, Pond Creek, Oklahoma.
Mr. Harding presented business which

WRS

acted upon

as follows:
A letter from the Federal Reserve Bank of Boston re
the npplicition for membership of the Fidelitg Trust Co.,
of Portland, Maine; - rend and referred to Committee No. 2.







Facts as- to the discount, of.Penney1 a iAltailw,y Company notos secured by Liberty bonds;

dieussod

but no action taken.
A telegram from the Feder 1 Reserve Bank of San
Francisco re importations of coin and .bullion, - read
and referred to Mr. Strauss.
A memorandum from Counsel re French Railway acceptance re

CY, 1S.;

- rend and referred to Committee No.

2,for report on Mond y, February 25.
On motion, at 12:39, the Bor_rd
at 11 a. m. on Monday, February 25.
APPROVED:

djourned to. eFt,